Core Viewpoint - The article discusses the differences and similarities between two indices related to central enterprise technology: the China Securities National New Central Enterprise Technology Leading Index and the China Securities Chengtong Central Enterprise Technology Innovation Index, highlighting their performance and characteristics in the context of recent market movements. Group 1: Differences Between the Indices - The China Securities National New Central Enterprise Technology Leading Index is customized by Guoxin Investment Co., Ltd., while the China Securities Chengtong Central Enterprise Technology Innovation Index is customized by China Chengtong Group [2]. - The selection methods differ: the National New Index scores based on net profit growth, revenue growth, total market capitalization, and R&D expenditure as a percentage of revenue, whereas the Chengtong Index evaluates based on the number and quality of patents and the implementation of equity incentives [3]. - Industry distribution varies significantly; the National New Index focuses heavily on aerospace and defense, electronics, and semiconductors, with a combined weight of nearly 80%, while the Chengtong Index has a more balanced distribution across telecommunications, aerospace and defense, and electronics, with the top five industries also exceeding 80% [4][6]. Group 2: Key Holdings and Performance - The top ten holdings of the National New Index account for 52.63% of the total, with Hikvision and AVIC Optoelectronics each exceeding 7% [8]. - In contrast, the Chengtong Index's top ten holdings represent 60.34% of the total, with China Telecom, Hikvision, and China Mobile each exceeding 7% [12]. - Historical performance shows that while the one-year returns of both indices are similar, the Chengtong Index outperforms the National New Index over three and five years, with the National New Index exhibiting higher volatility across all time frames [14]. Group 3: Valuation and Commonalities - As of now, the National New Index's TTM price-to-earnings ratio has risen to the historical 100th percentile, indicating a high valuation position [15]. - The Chengtong Index's TTM price-to-earnings ratio is also above the historical 80th percentile, suggesting a similarly high valuation, although its historical data is limited [17]. - Both indices select samples from listed companies under the State-owned Assets Supervision and Administration Commission, aim to reflect the overall performance of central enterprises in technology innovation, and emphasize that R&D expenditure as a percentage of revenue should not be less than 3% [20].

紧紧围绕江夏区定位目标，中国联合网络通信有限公司武汉市分公司（简称"武汉联通"）结合江夏区数 字乡村试点工程，积极推进江夏区提升智能化应用，破解基层服务难点，实现治理现代化，最终形 成"全面覆盖、精细管理、共享融合、社会参与"的数字乡村管理体系，有效支撑全区乡村振兴，助力江 夏区成功入选首批国家数字乡村试点单位。 转自：经济日报新闻客户端 湖北省武汉市江夏区位于武汉南部，已连续十一年位列全省县域经济综合排名第一位，连续四年入选全 国工业百强区。当前，江夏区委、区政府正加快实现农业大区向农业强区转变。 ——党建引领，为江夏区"数字党建"赋能。针对农村及基层党员分散，无法做到党员和党建活动全流程 闭环管理这一具体情况，武汉联通在江夏区新农村村开展试点建设，致力于促进党员干部下沉社区常态 化，激活基层党员服务群众社会化。通过农村党建党员融合服务系统的应用，构建征集、接单、服务、 评价、反馈的闭合式网络平台，有效解决了传统"双报到"参与不便捷、服务不及时、效果不明显等"瓶 颈"问题，搭建居民群众"点单"、党组织和党员"接单"的"订单式服务平台"，线上线下多渠道搜集民情 民意，了解群众需求，社区定期梳理汇总形成服务项目 ...

证券代码：600050 证券简称：中国联通 公告编号：2025-022 召开地点：北京市西城区金融大街 21 号中国联通大厦 （五）网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 27 日至2025 年 5 月 27 日 中国联合网络通信股份有限公司 关于召开2024年年度股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、召开会议的基本情况 召开的日期时间：2025 年 5 月 27 日 上午 9 点整 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 （六）融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的投 1 股东大会召开日期：2025年5月27日 ...

Core Insights - The three major telecom operators in China reported distinct financial results for Q1 2025, with China Mobile leading in revenue and profit, while China Telecom excelled in 5G user penetration [1][2][3] - The overall revenue growth for the telecom industry is slowing, with the operators entering a "stable" phase, focusing on high-quality development and profitability [2][3] Financial Performance - China Mobile reported revenue of 263.8 billion yuan and net profit of 30.6 billion yuan, nearly 1.3 times the combined revenue of China Telecom and China Unicom [1] - China Telecom's revenue reached 134.5 billion yuan with a net profit of 8.9 billion yuan, while China Unicom surpassed 100 billion yuan in revenue for the first time, achieving 103.35 billion yuan and a net profit of 2.61 billion yuan [1] - Revenue growth rates for Q1 2025 were 0.02% for China Mobile, 0.01% for China Telecom, and 3.88% for China Unicom, significantly down from 10.3%, 9.4%, and 9.2% in the same period of 2023 [3] User Metrics - China Mobile's total mobile users exceeded 1 billion, with 5G users reaching 578 million, accounting for 54% of the industry total [2] - China Telecom's 5G user penetration rate is 62%, while China Unicom's is below 50% [2] - In the fixed broadband market, China Mobile leads with 320 million users, followed by China Telecom with 173 million and China Unicom with 124 million [2] Profitability and Cost Management - Despite slowing revenue growth, net profits for the three operators showed slight increases: China Mobile up 3.45%, China Telecom up 3.1%, and China Unicom up 6.5% [4] - Operators are maintaining profitability through reduced capital expenditures and optimized cost structures, with total capital expenditures for 2025 projected at 289.8 billion yuan, down 9.1% year-on-year [4] Emerging Business Focus - The operators are shifting resources towards emerging fields such as computing power networks and AI to create a "second growth curve" [7][8] - China Telecom's computing power investment grew by 22%, with IDC revenue at 9.5 billion yuan and smart income surging by 151.6% [7] - China Unicom's cloud revenue reached 19.72 billion yuan, a 114% increase, while China Mobile plans to invest 37.3 billion yuan in computing power, representing 25% of its total capital expenditure for 2025 [7][8] Market Challenges - The telecom industry faces structural challenges in computing power demand, with a surplus in general computing power and a shortage in intelligent computing power [10] - The operators are also under pressure from competition with internet giants like Tencent and Alibaba, which are encroaching on the enterprise market [10][11] - The operators are attempting to build differentiated competitive advantages, but achieving significant revenue growth remains a challenge [11]

Group 1 - The core viewpoint emphasizes that artificial intelligence applications are becoming a crucial engine for accelerating the construction of a digital China, with this year being marked as the year of large-scale AI application [1][2] - Over a hundred AI intelligent robots showcased at the Digital China Construction Summit, covering various scenarios from home services to industrial manufacturing and urban management [1] - The chairman of China Telecom highlighted the significant reduction in computational and algorithmic barriers due to new open-source AI technologies, which promotes the accelerated popularization of large model applications [1] Group 2 - China Unicom's chairman stated the importance of strengthening AI foundational innovation, having developed over 40 industry-specific large models that significantly empower economic operations and urban governance [2] - The need for an open and win-win cooperation framework is essential for promoting the construction of a digital China, with key drivers including accessible computing power, open-source models, and data flow [2] - The chairman of China Telecom called for greater collaboration across industries to foster deeper and broader levels of open cooperation in AI innovation and development [2]

Group 1 - The year 2024 marks the formal inclusion of data assets in accounting practices, with 92 listed companies reporting a total of 2.495 billion yuan in data assets by the end of the year [1][2] - The number of companies reporting data assets has increased from 17 in the first quarter to 92 by the annual report, with the total value rising from 79 million yuan to 2.495 billion yuan [2] - Major contributors to data asset reporting include China Mobile, Cloud Horse, China Unicom, and China Telecom, each reporting over 100 million yuan in data assets [2][5] Group 2 - Data assets are primarily classified as intangible assets, with over 60 companies accounting for more than 1.3 billion yuan in this category, representing approximately 60% of the total [3] - The inclusion of data assets in financial statements helps companies optimize their financial reports, impacting asset scale and net profit [3] - Data asset reporting is seen as a foundation for digital transformation and exploring data trading and value-added services [3] Group 3 - The standardization and normalization of data asset reporting is a growing concern, as not all data resources qualify as assets [4] - Companies face challenges in distinguishing between data resources, products, and assets, necessitating a comprehensive approach to compliance and management [4] - Some companies have been cautious in reporting data assets, with instances of previously reported data being corrected or omitted in annual reports [5]

Core Viewpoint - The low-altitude economy is emerging as a new engine for promoting high-quality economic development in China, with a focus on building a comprehensive ecosystem and innovative applications in low-altitude scenarios [1]. Group 1: Infrastructure Development - China Unicom is establishing a "1+1+3+N" capability system centered around low-altitude smart networks, low-altitude data intelligence, and various application platforms [1]. - The "Five Networks Integration" model, including communication, navigation, perception, computing, and meteorological networks, is being developed to support the low-altitude industry [2][4]. Group 2: Platform Empowerment - China Unicom and Xiamen University are jointly creating three major platforms: low-altitude airspace management, low-altitude application, and low-altitude safety supervision, which will enhance safety and efficiency in low-altitude operations [5][6]. - The 5G-A low-altitude safety supervision platform focuses on drone management, providing secure and efficient support for low-altitude flight applications [6]. Group 3: Application Scenarios - The Xiamen Xiangnan Aviation Industrial Park is being utilized as a testing ground for various drone applications, enabling performance verification and technology optimization [7]. - Collaborative projects are being initiated in areas such as smart healthcare, traffic facility inspection, urban governance, and cross-island logistics, aiming to drive innovation and development in the low-altitude economy [9]. Group 4: Strategic Collaboration - The strategic cooperation between China Unicom and Xiamen University aims to accelerate the establishment of a low-altitude economy joint laboratory and deepen collaboration across various sectors [9].

Core Insights - The Chinese computing power market is experiencing a structural imbalance characterized by both surplus and shortage, with general computing power being relatively overabundant while intelligent computing power is in short supply [3][4][6]. Group 1: Market Dynamics - Several listed companies have announced winning bids for data center projects or signed computing power service contracts, indicating ongoing demand in the market [2][4]. - Major state-owned enterprises like China Mobile and China Telecom are significantly increasing their investments in computing power, with China Mobile planning a budget of 37.3 billion yuan for 2025, accounting for 25% of its total capital expenditure [5][4]. - The International Data Corporation (IDC) predicts that China's intelligent computing power will reach 1,037.3 EFLOPS by 2025 and 2,781.9 EFLOPS by 2028, reflecting a growing market scale [5][4]. Group 2: Structural Issues - The average rack utilization rate in China's IDC market is around 58%, indicating a significant amount of idle computing power [6]. - There is a notable disparity in computing power quality and regional distribution, with general computing power being overabundant in some areas while intelligent computing power is scarce, particularly in eastern regions where demand is high [6][7]. Group 3: Causes of Imbalance - The rapid growth and iteration of computing power demand, coupled with the transition from older to newer hardware, have led to mismatches in supply and demand [8]. - A lack of understanding among both buyers and sellers regarding the requirements and capabilities of intelligent computing centers has contributed to the imbalance [9][10]. - Some companies prioritize low costs in western regions for building computing centers, neglecting the necessary conditions for effective operation, which leads to mismatched resources [10]. Group 4: Future Outlook - The industry is expected to optimize and iterate on computing power scheduling, hardware, and supporting software to address the current challenges [11][14]. - The trend of "East Data West Computing" is emerging, where eastern data centers handle frequently accessed data while western centers manage less time-sensitive tasks [12]. - Domestic high-end computing hardware is accelerating in development, with companies like Huawei introducing competitive chips to fill the supply gap [13].

Core Viewpoint - The low-altitude economy has become a national strategy, and China Unicom is hosting an exhibition to showcase its advancements and applications in this sector, emphasizing its role in digital China [1]. Group 1: Low-altitude Economy Exhibition - The exhibition titled "Connecting Low Altitude, Smart Future" will present a comprehensive overview of the low-altitude economy industry, including key enterprises and the ecosystem [1]. - China Unicom will demonstrate its low-altitude smart network, digital infrastructure, and various application platforms, highlighting its "1+1+3+N" capability system [1]. Group 2: Technological Innovations - The YH-630 medium composite wing drone has been recognized for its role in disaster rescue operations, establishing vital connections in affected areas [3]. - The EH216-S, the world's first unmanned passenger aircraft certified by the Civil Aviation Administration of China, will also be showcased [3]. Group 3: Medical Applications - A project that won the "Best Mobile Smart City Innovation Award" at the 2025 MWC will be presented, demonstrating a 15-minute drone blood delivery system that enhances emergency medical response capabilities [7]. Group 4: Diverse Application Scenarios - The exhibition will feature over 200 exemplary applications across more than 20 typical low-altitude economic scenarios, including urban governance, emergency communication, and logistics [9]. - A special Fujian section will highlight local initiatives and applications that align with the province's low-altitude economic demonstration policies [9][11]. Group 5: Interactive Experiences - The exhibition will offer six interactive experience items, including low-altitude eVTOL simulations and remote surveillance applications, allowing attendees to engage with the technology [11]. Group 6: Event Details - The event will take place from April 28 to May 4 at the Fuzhou Strait International Conference and Exhibition Center, inviting participants to explore the future of the low-altitude economy [13].

Core Viewpoint - China Unicom is actively integrating digital economy with real economy by enhancing customer service and launching various themed activities, notably the "Unicom Customer Day" which has received positive feedback [1][8]. Group 1: Customer Engagement Initiatives - China Unicom's Shandong branch launched over 40 themed activities focusing on public education, smart experiences, and interactive fun, embodying the mission of "People's Postal and Telecommunications for the People" [1]. - In Zibo, Unicom staff transformed into "safety instructors" for the elderly, educating them on new fraud tactics through relatable examples, which was well-received by participants [2]. - The "Customer Day" initiative serves as a bridge between the company and the community, aiming to enhance service quality and reach more households [8]. Group 2: Smart Home and Technology Experience - In Jinan, Unicom showcased smart home technology, allowing visitors to control devices via voice commands, which impressed attendees, especially children [4]. - The event featured various technology experience zones, including cloud services, where business customers noted significant efficiency improvements [4]. Group 3: Online and Offline Service Integration - Unicom's staff provided hands-on training for elderly customers on using smart devices, resulting in increased customer satisfaction and engagement [6]. - The company expanded its "Customer Day" activities to online platforms, achieving over 5,000 views in a single session and a 60% increase in offline inquiries [6]. - Feedback collection through surveys in various branches yielded over 120 actionable suggestions, reflecting customer trust and service expectations [6].